Thomas E. Faust, Jr. has succeeded James B. Hawkes as board chairman and chief executive officer of Eaton Vance.
Hawkes, 65, is retiring under the company’s mandatory retirement policy and completes the succession plan set forth in January 2006.
During Hawkes’ 11-year tenure as CEO, Eaton Vance’s assets under management grew nearly tenfold and its stock had a total return of 1,989%, or 31.8% per annum. As of Sept. 30, Eaton Vance had $158.1 billion of assets under management.
Hawkes pioneered the development of many value-added investment products, including floating-rate bank loan funds, municipal bond funds, tax-managed equity funds, equity option income funds and the nation’s first mutual funds to focus on China and India.
Faust, 49, joined Eaton Vance in 1985 as an equity research analyst and has served in a number of positions, including portfolio manager, director of equity research and management and chief investment officer.
“It is truly a privilege to assume the leadership of Eaton Vance from my long-time colleague and good friend Jim Hawkes,” Faust said. “His vision, inspiration and integrity are evidenced in the great success the company has achieved under his guidance. The culture he has fostered at Eaton Vance is one that prizes teamwork, innovation and a commitment to excellence.”